Business

Front Range apartment vacancies continue to fall as rents rise

Apartment vacancies were low across the Front Range but soared in areas such as Steamboat Springs and Glenwood Springs during the third quarter, according to a report released by the Colorado Division of Housing on Wednesday.

Overall, rents increased.

Ryan McMaken, an economist for the agency, said especially low vacancy rates were found in the northern Front Range markets.

In the third quarter, the vacancy rate was 2.8 percent in the Fort Collins-Loveland area and 1.3 percent in Greeley, which was the lowest rate reported in Greeley since 1995.

"The Fort Collins market has been tight for several years at this point, and continues to be so, but in just 18 months, Greeley has gone from being a market with only moderate demand to a very tight one," said McMaken.

The metro Denver vacancy rate, measured in a separate survey, was 4.4 percent, up from 4.3 percent during the third quarter of 2012.

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